Fringe Benefits - Insurance Types Test

The amount paid for insurance is the...

• Closing Cost

• Premium

• Deductible

• Assessed Value

Insurance that protects your family against financial loss due to your death is...

• Co-insurance

• Disability Insurance

• Health Insurance

• Life Insurance

The type of insurance that provides protection against financial loss from medical bills is called...

• Co-insurance

• Disability Insurance

• Health Insurance

• Life Insurance

The person named in a life insurance policy to receive the death benefit is called the...

• Beneficiary

• Policy Holder

• Recipient

• Insurance Agent

The amount you MUST pay out of pocket before insurance takes over is called the...

• Premium

• Bonus Payout

• Term Payment

• Deductible

If you can not work due to a health condition or injury, this type of insurance will pay you a portion of the income you lose.

• Co-insurance

• Disability Insurance

• Health Insurance

• Life Insurance

Out of pocket maximum is the least amount of money you will have to ever be responsible for paying in one year.

• True

• False

What is a copay?

(Health Insurance)

• Your % share of the costs of a service.

• The amount you pay before the insurance starts paying.

• A fixed amount you pay for services.

• How much I pay each month for the plan.

What would be an example where a co-payment would be used?

• $20 for seeing the doctor.

• A ride in a sports car.

• A work meeting.

• A nice meal at a restaurant

What is a policy?

• A contract of insurance.

• A selling of insurance.

• Term life insurance

• Whole life insurance